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The Oregon Administrative Rules contain OARs filed through January 15, 2010

 

REAL ESTATE AGENCY

 DIVISION 14

REAL ESTATE BROKER LICENSING

863-014-0000

Applicability and Purpose

(1) This division sets forth the requirements and process for licensing real estate brokers and principal real estate brokers, as those terms are defined in ORS 696.010.

(2) The purpose of this division is to specify the requirements for obtaining the desired real estate license.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0003

Definitions

As used in this division, unless the context requires otherwise, the following definitions apply:

(1) "Agency" is defined in ORS 696.010.

(2) “Board” means the Real Estate Board established pursuant to ORS 696.405.

(3) “Branch office” is defined in ORS 696.010.

(4) "Commissioner" is defined in ORS 696.010.

(5) "Incapacitated" means the physical or mental inability to perform the professional real estate activities described in ORS 696.010.

(6) "Licensed Name" means the name of a real estate licensee as it appears on the current, valid real estate license issued to the licensee pursuant to ORS 696.020.

(7) “Principal broker” means “principal real estate broker,” as defined in ORS 696.010.

(8) "Real estate activity," "professional real estate activity," and "real estate business" mean "professional real estate activity" as defined in ORS 696.010.

(9) "Real estate broker" is defined in ORS 696.010 and includes a principal real estate broker, as that term is defined in ORS 696.010, unless the context requires otherwise.

(10) "Real estate licensee" and "licensee" mean a "real estate licensee" as defined in ORS 696.010, unless the context requires otherwise.

(11) “Registered business name” is defined in ORS 696.010.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0005

Education

(1) The required courses of study for a real estate broker’s license or principal real estate broker’s license must be designed pursuant to the Guidelines for Oregon Private Real Estate Schools and Instructional Guidelines and approved by the commissioner.

(2) The commissioner may at any time reevaluate an approved course or instructor. If the commissioner finds there is basis for consideration of revocation of the approved course or the instructor, the commissioner shall give notice by ordinary mail to the coordinator of that provider or instructor of a hearing on the possible revocation of an approved course at least 20 days prior to the hearing.

(3) The commissioner may deny or revoke approval of a program, course, activity, or instructor, but that decision may be appealed to the commissioner within 20 days of the date of mailing the notice of denial or revocation and is subject to the contested case hearing provisions of the Oregon Administrative Procedures Act, ORS chapter 183.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; Renumbered from 863-015-0005, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0010

License Application Form and Content

(1) An applicant for a real estate broker's license or a principal real estate broker's license must submit a license application in writing on an Agency-approved form with all information provided by the applicant and verified by the applicant.

(2) The license application must contain:

(a) The applicant’s legal name, mailing address, and phone number;

(b) If the applicant is to be associated with a principal real estate broker, the name of the principal real estate broker who will supervise the applicant’s professional real estate activity;

(c) The place or places, including the street address, city, and county where the business will be conducted; and

(d) If the applicant will be associated with a principal real estate broker, the principal broker’s authorization for the applicant to use the principal broker’s registered business name.

(3) Every license application must be accompanied by the license fee authorized by ORS 696.270. At all periods of the year, the fee for all licenses issued is as authorized by 696.270. That is, the Agency does not pro-rate license fees.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; Renumbered from 863-015-0010, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0015

Background Check Application and Fingerprint Card

(1) An applicant for real estate broker or principal real estate broker license must submit to a background check, except an applicant who is currently licensed as a real estate broker, principal real estate broker, or real estate property manager or who is eligible for renewal of such licenses. The background check includes a criminal background check as provided in OAR chapter 863, division 005. The applicant must apply for the background check in writing on an Agency-approved form with all information provided by the applicant and verified by the applicant.

(2) The background check application must include, but is not limited to, the following information:

(a) The applicant’s legal name, residence address, and telephone number;

(b) The applicant’s date and place of birth;

(c) The applicant’s Social Security Number;

(d) Whether the applicant:

(A) Has ever been convicted of or is under arrest, investigation, or indictment for a felony or misdemeanor;

(B) Has ever been refused a real estate license or any other occupational or professional license in any other state or country;

(C) Has ever had any real estate license or other occupational or professional license revoked or suspended; or

(D) Has ever been fined or reprimanded as such a licensee; and

(e) Any other information the commissioner considers necessary to evaluate the applicant's trustworthiness and competency to engage in professional real estate activity in a manner that protects the public interest.

(3) As part of any application submitted under section (2) of this rule, the applicant must submit one completed fingerprint card on the form prescribed by the Oregon State Police and FBI and an additional fee sufficient to recover the costs of processing the applicant's fingerprint information and securing any criminal offender information pertaining to the applicant.

(4) The Agency must receive the background check application, fingerprint card, and processing fee before it will issue a license.

(5) As provided in ORS 181.540, all fingerprint cards, photographs, records, reports, and criminal offender information obtained or compiled by the Agency are confidential and exempt from public inspection. The commissioner will keep such information segregated from other information on the applicant or licensee and maintain such information in a secure place.

(6) If the Agency determines that additional information is necessary in order to process the application, the Agency may request such information in writing, and the applicant must provide the requested information in order to complete the application. If the applicant fails to provide the requested information, the Agency may determine that the application is incomplete, which will result in termination of the application.

(7) An applicant who has otherwise qualified for licensing may not be considered for any real estate license until the background check process and review has been completed, including but not limited to the Agency’s receipt of criminal offender information from the Oregon State Police, other regulatory or law enforcement agencies, and the FBI. If an individual who has had a successfully completed background check process and review does not successfully complete the remaining portions of the entire licensing application process within twelve months from the date of the successfully completed background check process and review, the successfully completed background check process and review is no longer valid.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 4-2003(Temp), f. 12-18-03, cert. ef. 1-1-04 thru 6-29-04; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0015, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0020

Examinations

(1) In addition to any other licensing eligibility requirements, a license applicant must pass a real estate examination that includes subject matter determined by the Board.

(2) An applicant may apply for an examination whether or not the Agency has finished processing the applicant's fingerprint card and background check or has received documentation on the applicant's licensing educational courses. However, the Agency will not consider an applicant for a license until the Agency has completed such processing and review.

(3) A real estate licensee who was licensed as a salesperson before July 1, 2002 must apply for and pass a real estate broker examination in order to be licensed as a principal real estate broker.

(4) An applicant must apply for an examination by submitting to the Agency:

(a) An Agency-approved license examination application form; and

(b) An examination application fee authorized by ORS 696.270.

(5) If a real estate license has not been active for two or more consecutive years, before applying to reactivate such license under OAR 863-014-0065, the licensee must apply for and pass a reactivation examination. To apply for the reactivation examination, the licensee must submit to the Agency:

(a) An Agency-approved license reactivation examination application form; and

(b) The examination application fee authorized by ORS 696.270.

(6) Examination fees are not refundable if an applicant:

(a) Fails to appear for a scheduled examination;

(b) Fails to cancel or reschedule an examination appointment at least two business days before the appointment; or

(c) Fails to pass an examination.

(7) If an applicant for a real estate broker license examination passes both the national and the state portions of an examination but is not issued a license within one year from the date of the examination:

(a) The applicant is no longer qualified for the license on the basis of the examination; and

(b) The applicant must reapply for the examination as required by this rule.

(8) An applicant who passes only one portion of a license examination must reapply for and pass the remaining portion within 12 months of the examination date of the passed portion in order to qualify for a license on the basis of the examination.

(9) In lieu of the national portion of the examination required in this rule, the Board may accept an applicant's passing results of the national portion of a broker examination taken in another state if:

(a) The examination was taken after November 1, 1973 and the license issued as a result of that examination has not been expired for more than one year; or

(b) The examination was taken within the 12 months before the application date and the Agency has received the required forms and fees; and

(c) The applicant provides the Agency with the applicant's certified license history from the state where such examination was taken.

Stat. Auth.: ORS 696.385 & 696.425
Stats. Implemented: ORS 696.020, 696.022 & 696.425
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 3-2004, f. 4-28-04, cert. ef. 5-3-04; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; REA 2-2005(Temp), f. 6-9-05, cert. ef. 7-1-05 thru 12-26-05; Administrative correction 1-20-06; REA 2-2007(Temp), f. & cert. ef. 3-21-07 thru 9-16-07; REA 4-2007, f. & cert. ef. 9-26-07; Renumbered from 863-015-0020, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0030

License Issue, Term, Form, and Inspection

(1) The Agency will issue a real estate license to an applicant after determining that the applicant meets the license requirements contained in ORS 696.022 and 696.790 and receiving:

(a) The license application form required by OAR 863-014-0010 and

(b) The fees authorized by ORS 696.270.

(2) A licensee may engage in professional real estate activities allowed for that license by ORS Chapter 696 and OAR chapter 863 from the date the license is issued until the license expires, becomes inactive, or is revoked, surrendered, or suspended.

(3) A licensee may hold only one of the following Oregon real estate licenses at any time:

(a) Real estate broker,

(b) Principal real estate broker, or

(c) Property manager.

(4) The license expiration date is the last day of the month of a licensee's birth month.

(5) The license term is not more than 24 months plus the number of days between the date the license is issued or renewed and the last day of the month of the licensee's birth month.

(6) The license will include the following information:

(a) The licensee’s legal name,

(b) The license number, effective date, and expiration date,

(c) The name under which the licensee conducts real estate business or the registered business name,

(d) The licensee's business address,

(e) The seal of the Real Estate Agency, and

(f) Any other information the Agency deems appropriate.

(7) Each license must be available for inspection in the licensee's principal place of business. If a licensee is associated with a principal real estate broker, the principal broker must make the license available for inspection in the licensee's principal place of business, which is:

(a) The principal broker's principal place of business, or

(b) A branch office.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; REA 2-2007(Temp), f. & cert. ef. 3-21-07 thru 9-16-07; REA 4-2007, f. & cert. ef. 9-26-07; Renumbered from 863-015-0030, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0035

Real Estate Broker Licensing Requirements

(1) To be eligible for a real estate broker's license, an individual must:

(a) Submit a complete license application and background check application as required by OAR 863-014-0010 and 863-014-0015;

(b) Pass the licensing examination required by OAR 863-014-0020;

(c) Pay the licensing fees authorized by ORS 696.270; and

(d) Successfully complete the required courses of study for real estate broker licensing as prescribed by the commissioner.

(2) If the applicant’s qualifications are based wholly or partially upon an active real estate license held in another state, the applicant must furnish with the application a certification of active licensing from the other state’s licensing agency.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0035, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0040

Principal Real Estate Broker Licensing Requirements

(1) Except as allowed by OAR 863-014-0042 concerning waiver of experience requirements, to be eligible for a principal real estate broker's license, an individual must:

(a) Submit a complete license application and background check application as required by OAR 863-014-0010 and 863-014-0015;

(b) Pass the licensing examination required by OAR 863-014-0020;

(c) Pay the licensing fees authorized by ORS 696.270;

(d) Successfully complete the required course of study for principal real estate broker licensing as prescribed by the Agency; and

(e) Provide proof satisfactory to the Agency that the applicant has met the requirements contained in ORS 696.022 for a principal real estate broker.

(2) If the applicant’s qualifications are based wholly or partially upon an active real estate license held in another state, the applicant must furnish with the application a certification of active licensing from the other state’s licensing agency.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 2-2005(Temp), f. 6-9-05, cert. ef. 7-1-05 thru 12-26-05; Administrative correction 1-20-06; Renumbered from 863-015-0040, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0042

Waiver of Experience Requirements

(1) If an applicant for a principal real estate broker’s license has met all requirements for such license except for the experience requirement, the applicant may petition the Real Estate Board for a waiver of the three-year experience requirement contained in ORS 696.022, OAR 863-014-0038, and 863-014-0040. The petition must contain sufficient information to allow the Board to determine whether the applicant qualifies for a waiver as allowed by this rule.

(2) The applicant must file a petition to waive the experience requirement on an Agency-approved form with the Agency no later than 21 days before the scheduled Real Estate Board meeting at which the applicant wishes the Board to act.

(3) The Board may issue a waiver if the applicant:

(a) Has graduated from a four-year college or university with a degree in real estate in a curriculum approved by the Commissioner, and the applicant has held an active license as a real estate broker for a period of at least one year; or

(b) Has a two-year community college associate degree in real estate in a curriculum approved by the Commissioner, has held an active license as a real estate broker for a period of at least two years and, if the applicant is applying for a principal real estate broker license, the applicant has completed the course of study for principal real estate brokers as required by OAR 863-014-0040; or

(c) Has had real estate-related experience equivalent to at least three years of active experience as a real estate licensee and provides written details about the nature of such experience.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0050

License Renewal

(1) A real estate license expires if a licensee fails to renew the license on or before the license expiration date. A real estate licensee may not engage in any professional real estate activity after a license expires.

(2) The Agency will renew an active or inactive real estate license to an active real estate license status for the term prescribed in OAR 863-014-0030 when the Agency has received the following:

(a) The renewal fee authorized by ORS 696.270; and

(b) An Agency-approved renewal application form requesting active license status that includes certification that the licensee has met the real estate continuing education renewal requirements for active license status under OAR 863-014-0055.

(3) The Agency will renew an active or inactive real estate license to an inactive real estate license status for the term prescribed in OAR 863-014-0030, when the Agency has received the following:

(a) The renewal fee authorized by ORS 696.270; and

(b) An Agency-approved renewal application form requesting inactive status.

(4) The Agency will renew an expired real estate license to an active or inactive license status under the following conditions:

(a) The licensee applies for a license renewal on a agency-approved renewal application form requesting active or inactive license status within one year of the date the license expired;

(b) The Agency has received both the renewal fee and a late fee authorized by ORS 696.270; and

(c) If the licensee renews to an active license status, the Agency has received an Agency-approved renewal application form that includes certification that the licensee met the real estate continuing education renewal requirements under OAR 863-014-0055.

(5) When the Agency renews an expired license, the renewed license is effective as of the renewal date. The renewal is not retroactive, and the expired license retains the status of expired until the renewal date.

(6) A license that is renewed under this rule expires two years from the date of the original expiration date.

(7) A real estate license that has expired for more than one year is lapsed, as defined in ORS 696.010.

(8) A license may not be renewed if it is lapsed, surrendered, suspended, or revoked. Except as provided in 863-014-0075, the former licensee must reapply and meet all the licensing qualifications required of new license applicants.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; REA 2-2007(Temp), f. & cert. ef. 3-21-07 thru 9-16-07; REA 4-2007, f. & cert. ef. 9-26-07; Renumbered from 863-015-0050, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0055

Continuing Education

(1) To renew an active license, a licensee must certify that the licensee has completed at least 30 clock-hours of real estate oriented continuing education during the preceding two license years.

(a) A licensee must complete 15 clock-hours of continuing education in one or more of the following required topics:

(A) Trust Accounts;

(B) Misrepresentation;

(C) Anti-Trust;

(D) Rule and Law Update;

(E) Property Management;

(F) Commercial Brokerage and Leasing;

(G) Real Estate Taxation: Federal, State, and Local;

(H) Agency;

(I) Fair Housing;

(J) Contracts;

(K) Property Evaluation;

(L) Brokerage Management;

(M) Land;

(N) Business Ethics; or

(O) Compliance Review.

(b) A licensee must complete the remaining 15 hours in any combination of the above course topics or in other elective real estate oriented continuing education courses.

(c) Courses related to personal skills, such as time management, and routine meetings and luncheons are not considered real estate oriented continuing education courses and do not qualify as such.

(d) Courses must be a minimum of one clock-hour in length. A clock-hour is measured in 60-minute increments, excluding meal or rest breaks.

(e) Credit will not be given for repeating a continuing education course with the same content during a two-year renewal period.

(2) Licensees must complete a standard Certificate of Attendance developed by the Agency for each course completed by a licensee. "Certifying licensee" means a principal real estate broker who certifies on an Agency-approved form that a licensee completed the continuing education requirements.

(3) In completing the standard Certificate of Attendance, the certifying licensee must decide:

(a) Whether a continuing education course meets the continuing education requirements; and

(b) Whether to classify the course as a required topic or an elective topic.

(4) A certifying licensee may approve continuing education courses completed outside of Oregon. However, for courses completed outside of Oregon, the number of approved credit hours must reflect the clock-hours of course content related to the practice of real estate in Oregon. Credit hours will not be approved for courses with content specific to another state or jurisdiction.

(5) The certifying licensee must retain the Certificate of Attendance in its records as prescribed in OAR 863-015-0260. The certifying licensee must produce a copy of the Certificate of Attendance if the associated licensee or the Agency so requests.

(6) Principal real estate brokers must:

(a) Self-certify that they have completed their continuing education requirements;

(b) Retain their Certificate of Attendance as prescribed in OAR 863-015-0260; and

(c) Produce a copy of the Certificate of Attendance if the Agency so requests.

(7) Providing false information on an Agency license renewal form or Certificate of Attendance or falsely certifying such information is prima facie evidence of a violation of ORS 696.301.

(8) In certifying a continuing education course, the certifying licensee must consider the totality of the information provided and the class content and may consider additional criteria including, but not limited to:

(a) Evidence of the instructor’s qualifications to teach the course;

(b) Whether the course content is current and accurate, the learning objectives for the course, and whether the course content fulfills the learning objectives;

(c) Whether the course includes ways of measuring learning outcome, such as a final examination; and

(d) Whether students get to evaluate the course and instructor.

(9) A real estate broker first licensed on or after July 1, 2002 must complete a commissioner-approved course entitled "Advanced Real Estate Practices" before the first active renewal of the real estate broker's license or before the first license reactivation following an inactive first renewal. This requirement does not apply to principal brokers. An approved Advanced Real Estate Practices course satisfies the continuing education requirements for a licensee's renewal.

(10) Certifying licensees may approve continuing education courses completed through alternative delivery methods. "Alternative delivery" means presentation of continuing education material in a method other than classroom lecture, including but not limited to correspondence, and electronic means such as satellite broadcast, videotape, computer disc, and Internet.

(a) In addition to the certification criteria in section (8), in determining whether to certify an alternative delivery method course, the certifying licensee may consider:

(A) Whether the course offers operational or electronic security measures;

(B) The students’ ability to interact with an instructor or access other resources to support their learning;

(C) Whether the learning environment and technical requirements are explained to students in advance of the course; and

(D) Whether the course includes a proctored final examination.

(b) In determining the number of credit hours to approve for an alternative delivery course, the certifying licensee may consider:

(A) The number of questions in the examination, with a minimum standard of 10 questions per hour of credit;

(B) The number of pages for Internet, Computer-Based Training, CD-ROM, and book courses, with a minimum standard of 10 pages per hour of credit; and

(C) The clock hours elapsed for videocassette, audiotape, or teleconference courses.

(11) Continuing education course sponsors may:

(a) State in their advertising that the licensee’s principal broker must approve the continuing education requirements, e.g., course content, topics, and hours; and

(b) Complete the following information on a Certificate of Attendance:

(A) Real estate licensee's name;

(B) Continuing education course title and date of completion; 

(C) Instructor's name and location of course; and

(D) Method of course delivery and whether a final examination was administered.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.174 & 696.301
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 1-2004(Temp), f. & cert. ef. 1-15-04 thru 6-25-04; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; Renumbered from 863-015-0055, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0060

Limited Licenses

If the commissioner issues an individual a limited license under ORS 696.130, the licensee must apply in writing for an unrestricted license after the period of limitation.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; REA 2-2005(Temp), f. 6-9-05, cert. ef. 7-1-05 thru 12-26-05; Suspended by REA 3-2005(Temp), f. 7-18-05, cert. ef. 7-22-05 thru 12-26-05; Administrative correction 1-20-06; Renumbered from 863-015-0060, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0061

Affiliated and Subsidiary Organizations

(1) Affiliated organizations are two or more organizations whose controlling ownership interests are owned by the same licensee, licensees, entity, or entities.

(2) A subsidiary organization is one in which the majority of the voting stock or controlling ownership interest is owned by another organization.

(3) Affiliated or subsidiary business organizations may use the same principal broker, provided that the individual registering the business name submits proof satisfactory to the commissioner that the principal real estate broker or brokers involved actually manages and controls each affiliated and subsidiary organization.

(4) As used in this rule, controlling ownership interest(s) means owning 51 percent or more.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0061, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0062

Mailing Address, Address Change, Service of Notice

(1) Each real estate licensee must maintain on file with the Agency a current mailing address and notify the Agency within 10 calendar days of a change of address.

(2) A forwarding address is effective as a "current mailing address" when the Agency receives notice of the forwarding address by the United States Postal Service.

(3) Agency notice by mail, whether registered, certified, or regular, to the real estate licensee's current mailing address on file with the Agency constitutes service.

(4) This rule applies regardless of license status.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0062, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0063

Real Estate License Transfers, Principal Brokers’ Responsibilities, Authority to Use Registered Business Name

(1) As used in this rule:

(a) "Authorized licensee" means a licensee who has authority over the use of a registered business name;

(b) "License transfer form" means a completed and signed Agency-approved form that does one of the following:

(A) Transfers a real estate broker license to a receiving principal broker in order to become associated with the receiving principal broker, or

(B) Authorizes a real estate licensee to use a registered business name to conduct professional real estate activity.

(c) "Sending principal broker" means the principal real estate broker with whom an active real estate broker license is associated before the license transfer;

(d) "Receiving principal broker" means the principal real estate broker with whom an active real estate broker license will be associated after the license transfer.

(2) The licensee must provide the following information on a license transfer form:

(a) The name, mailing address, and license number of the licensee who is transferring the license or documenting the authorized use of a registered business name;

(b) The current status of the license, whether active or inactive;

(c) If the real estate broker is associated with a sending principal broker, certification that the real estate broker provided written notice of the transfer to the sending principal broker, and that such notice was provided before the date the transfer form is submitted to the Agency, including:

(A) The date of personal service of such notice; or

(B) The date a certified letter was delivered by the post office to the sending principal broker’s address;

(d) If the form is used to authorize the use of a different registered business name, certification that the licensee provided written notice of such change to the authorized licensee for the current registered business name, and that such notice was provided before the date the license transfer form is submitted to the Agency, including:

(A) The date of personal service of such notice; or

(B) The date a certified letter was delivered to the authorized licensee’s address;

(e) If applicable, the receiving principal broker’s registered business name, street address, and registered business name identification number;

(f) If applicable, the street address, registered business name identification number, and the registered business name under which the real estate licensee will be authorized to conduct professional real estate activity; and

(g) The receiving broker’s or authorized licensee’s name, license number, telephone number, date, and signature.

(3) The Agency will transfer the license of an active real estate broker associated with a sending principal broker to a receiving principal broker when the Agency receives a license transfer form and the transfer fee authorized by ORS 696.270.

(4) The Agency will transfer the license of an active principal real estate broker to a receiving principal broker when the Agency receives a license transfer form and the transfer fee authorized by ORS 696.270.

(5) The Agency will transfer the license of an inactive real estate licensee, who has been inactive for a period of 30 days or less, to a receiving principal broker when the Agency receives a license transfer form and the transfer fee authorized by ORS 696.270.

(6) The Agency will change a real estate license category when the license is transferred under sections (4) and (5) of this rule and will not require a fee payment for changing the license category when the Agency receives the following:

(a) A license transfer form;

(b) The transfer fee authorized by ORS 696.270; and

(c) An Agency-approved form to change the license category.

(7) A principal real estate broker with whom a licensee is associated remains responsible for the licensee’s professional real estate activity until the Agency receives one of the following:

(a) The licensee's real estate license;

(b) An Agency-approved form submitted by the principal real estate broker terminating the relationship with the licensee under OAR 863-014-0065; or

(c) A license transfer form and fee.

(8) If a principal real estate broker with whom a real estate broker is associated voluntarily gives the license to the real estate broker named in the license, the principal real estate broker remains responsible for the licensee’s subsequent professional real estate activity until the Agency receives one of the following:

(a) The licensee's real estate license;

(b) An Agency-approved form submitted by the principal real estate broker terminating the relationship with the licensee under OAR 863-014-0065;

(c) An Agency-approved form submitted by the licensee terminating the relationship with the principal real estate broker under OAR 863-014-0065; or

(d) A license transfer form and fee.

(9) The Agency will document the registered business name under which a real estate licensee is authorized to conduct professional real estate activity when the Agency receives a license transfer form and the transfer fee authorized by ORS 696.270.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 4-2007, f. & cert. ef. 9-26-07; Renumbered from 863-015-0063, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0065

Inactive License, Change License Status to Active, Change License Category, License Reactivation

(1) A real estate licensee whose license is on inactive status may not engage in professional real estate activity.

(2) The commissioner may reprimand, suspend, revoke, or impose a civil penalty against an inactive licensee under ORS 696.301.

(3) The Agency will change an active real estate license to inactive license status when the Agency actually receives the following:

(a) The license;

(b) A request by the licensee submitted on an Agency-approved form to change the license status to inactive; or

(c) An Agency-approved form submitted by the licensee terminating the relationship with the principal real estate broker under this rule.

(4) The Agency will change the status of an active real estate broker who is associated with a principal real estate broker to inactive status when the Agency receives one of the following:

(a) The real estate broker license, submitted by the licensee;

(b) The real estate broker license, submitted by the principal real estate broker;

(c) An Agency-approved form, submitted by the principal real estate broker, terminating the principal real estate broker’s relationship with the real estate broker; or

(d) An Agency-approved form submitted by the real estate broker terminating the relationship with the principal real estate broker.

(5) An inactive real estate licensee may renew such license under OAR 863-014-0050.

(6) For a period of 30 days after a real estate broker license becomes inactive, the licensee may change such license status from inactive to active and transfer the license to a principal real estate broker under OAR 863-014-0063.

(7) Except as provided in section (8) of this rule, for a period of 30 days after the real estate license becomes inactive, the licensee may change such license category to an active principal real estate broker only if:

(a) The licensee is qualified for such license and

(b) The licensee submits to the Agency:

(A) An Agency-approved application form to change the license category and to change the license status to active,

(B) A license transfer form under OAR 863-014-0063, if applicable, and

(C) Payment of the transfer fee authorized by ORS 696.270.

(8) If the licensee under section (7) of this rule is changing license category to a principal real estate broker and has never been licensed as a principal real estate broker, the licensee must submit to the Agency:

(a) An Agency-approved broker license application form and

(b) The licensing fee authorized by ORS 696.270.

(9) If a license has not been on active status for two or more consecutive years, before applying for reactivation of such license under sections (10) and (11) of this rule:

(a) The licensee must submit to the Agency:

(A) An application for licensing reactivation examination; and

(B) The examination fee authorized by ORS 696.270; and

(b) The licensee must pass the reactivation examination.

(10) After the 30-day period specified in sections (6) and (7) of this rule, and subject to the examination requirements in section (9) of this rule, a licensee may change the license status from inactive to active only by submitting to the Agency:

(a) An application for license reactivation; and

(b) Payment of the reactivation fee authorized by ORS 696.270.

(11) Subject to the examination requirements in section (9) of this rule, if an inactive licensee renews a license and maintains inactive status under section (5) of this rule, the licensee may, within 60 days of the date of renewal, change the license status to active by submitting to the Agency:

(a) An Agency-approved application for license reactivation that includes certification that the licensee met the real estate continuing education renewal requirements under OAR 863-014-0055; and

(b) Payment of the active renewal fee authorized by ORS 696.270, less the amount of the inactive renewal fee already paid by the licensee.

(12) The change of license status, transfer, or change of license category under sections (6) and (7) of this rule, or the reactivation of a license under sections (10) and (11) of this rule, are effective when the Agency actually receives all required forms and fees.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-1991, f. & cert. ef. 11-4-91; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0081; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; REA 2-2007(Temp), f. & cert. ef. 3-21-07 thru 9-16-07; REA 4-2007, f. & cert. ef. 9-26-07; Renumbered from 863-015-0065, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0070

License Surrender

(1) A real estate licensee may surrender the licensee's license to the commissioner on an Agency-approved form. Upon surrender, the license is terminated, and the licensee’s rights under the surrendered license are terminated. The commissioner retains continuing jurisdiction to investigate the professional real estate activity conducted under the license and to take disciplinary action against the former licensee under ORS Chapter 696 and its implementing rules.

(2) A surrendered license may not be renewed. The former licensee must reapply and meet all the licensing qualifications required of new license applicants.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REC 21, f. 7-5-67; REC 23, f. 7-3-69, ef. 9-1-69; REC 28, f. 11-1-70, ef. 1-1-71; REC 31, f. 8-6-71, ef. 9-9-71; REC 46, f. & ef. 1-22-76; REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 3-1980, f. 10-20-80, ef. 11-1-80; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0085; Renumbered from 863-015-0070, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0075

Reissuing Suspended License

(1) The Agency may reissue an unexpired real estate license that has been suspended by order of the commissioner if the licensee makes a written request to the Agency that such license be reissued and pays the required fee within 30 days after the close of the suspension period.

(2) If the licensee fails to act within 30 days, the license becomes inactive and may be reactivated only pursuant to OAR 863-014-0065.

(3) If the license expires before the request for reissuance, the Agency will renew the license within the 30-day period only pursuant to OAR 863-014-0050.

(4) A license reissued under this rule is effective for licensing purposes when the Agency receives all required forms and fees.

(5) If the license has had a status other than active for two or more consecutive years, the licensee must comply with the reactivation requirements of OAR 863-014-0065.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 3-1989, f. 12-13-89, cert. ef. 2-1-90; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0086; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0075, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0076

Signature Requirements

(1) Subject to ORS 84.001 to 84.061, the Agency may, but is not required to, accept any electronic or facsimile signature created, generated, sent, communicated, received, or stored regarding licensing documents including, but not limited to, background check applications, examination applications, license applications, license change forms, and license surrender forms.

(2) The Agency may require an individual to submit an original signature on any document.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.020 & 696.022
Hist.: REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0076, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0080

Nonresident License Recognition

(1) As used in ORS 696.265 and this rule, unless the context requires otherwise:

(a) "Nonresident real estate broker" means an individual residing in another state or country who is licensed by that state or country to transact professional real estate activity and whose license authorizes that individual to employ, engage, or otherwise supervise other real estate brokers or salespersons.

(b) "Nonresident real estate salesperson" means an individual residing in another state or country who is licensed by that state or country to transact professional real estate activity.

(c) "Nonresident licensee" means either a nonresident real estate broker or a nonresident real estate salesperson.

(d) "State or country of residence" means, presumptively, the state or country where an individual's resident license is located.

(2) An individual who is not a resident of Oregon, is actively engaged in professional real estate activity in his or her state or country of residence, and has been duly licensed by that state or regulatory agency within that country, may obtain an Oregon nonresident license if the applicant’s state or county of residence:

(a) Allows an Oregon real estate broker to be licensed in that state or country under terms and conditions similar to those prescribed in ORS 696.255 and 696.265; and

(b) Is capable of assisting and does assist the commissioner in the commissioner's review of real estate transactions and management of rental real estate for enforcement to protect Oregon consumers affected by the nonresident licensees’ professional real estate activity.

(3) An applicant for a nonresident license must provide fingerprints and criminal offender information in the same manner as required of a resident licensee under ORS 696.022. The nonresident license application must be accompanied by a background check application, fingerprint card, and processing fees as prescribed by OAR 863-014-0015. The applicant must furnish with the nonresident license application proof that the applicant holds an active and valid license issued by the state or country of residence.

(4) An applicant for a nonresident license must sign and file with the Agency an affidavit stating that the applicant has reviewed and is familiar with ORS Chapter 696 and its implementing rules and agrees to be bound by them.

(5) For a nonresident real estate salesperson who is a resident of a state requiring salespersons to work under licensed real estate brokers, the license issued by that state’s Real Estate Agency must contain the business name and business address of the broker under whose license the salesperson works. The Agency will mail the Oregon license to the broker at the broker's business address.

(6) If the Agency requests, nonresident licensees must produce in the Agency's office any and all records of professional real estate activity conducted in Oregon. The nonresident licensee, by applying for and accepting the nonresident license, authorizes the Agency to inspect and examine any transaction escrow records, trust account records, and other records of professional real estate activity, wherever maintained.

(7) With respect to nonresident real estate salespersons who are residents of a state or country requiring salespersons to work under licensed real estate brokers, all advertising (including business signs, business cards, agreements, and other documents) used by those salespersons must contain the name and business address of the nonresident real estate broker.

(8) The commissioner may suspend or revoke, reprimand, deny a license to, or refuse to renew a license to a nonresident real estate licensee upon any of the grounds in ORS 696.301 or if the state or country of residence has suspended, revoked, denied, or refused to renew the individual’s license or has limited the license in any way.

(9) Except as otherwise provided in reciprocity agreements entered into pursuant to section (10) below, or except as provided at the commissioner’s discretion , the nonresident license application, fees, license terms, license application and renewal processing, license transfer, and all other conditions and requirements of licensure will be as provided for in ORS chapter 696 and its implementing rules.

(10) The commissioner may enter into reciprocity agreements with other states or countries where necessary to permit Oregon real estate licensees to obtain licenses in such other states or countries.

(11) The commissioner may include in such agreements the terms and conditions prescribed in this rule and additional terms and conditions at the commissioner's discretion.

(12) Nonresident licenses granted under reciprocity agreements remain in force, unless suspended or revoked by the commissioner or for failure to pay the biennial renewal fees, only so long as the reciprocity agreement remains in effect between Oregon and the other state or country. If the non-resident licensee subsequently becomes an Oregon resident, such person may obtain, upon filing the proper application and other requisite documents and the applicable fees, the equivalent resident license in Oregon. Application must be made within one year after becoming a resident.

Stat. Auth.: ORS 696.265 & 696.385
Stats. Implemented: ORS 696.255 & 696.265
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 4-2003(Temp), f. 12-18-03, cert. ef. 1-1-04 thru 6-29-04; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; REA 1-2005, f. 5-5-05, cert. ef. 5-6-05; Renumbered from 863-015-0080, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09

863-014-0085

Authorization to Control Broker's Business

(1) A principal real estate broker may authorize another principal broker to control and supervise his or her professional real estate activity and use the authorizing principal broker’s registered business name, if any, during the principal broker’s absence only if:

(a) The authorizing principal broker provides written authorization as required by this rule, and

(b) The supervising principal broker accepts the supervising responsibility in writing.

(2) Both licensees have joint responsibility for all professional real estate activity conducted during the authorizing principal broker’s absence.

(3) The written authorization required by this rule must contain the following information:

(a) The authorizing principal broker’s authorization, including the effective date and the termination date of such authorization, which may not exceed 90 days;

(b) The supervising principal broker’s affirmation accepting the supervisory responsibility; and

(c) An affirmation by both brokers acknowledging that they are jointly responsible for the professional real estate activity during the dates of the authorization.

(4) The authorizing principal real estate broker may end the authorization before the termination date by filing an amended authorization before the termination date.

(5) The written authorization required by this rule must be received by the Agency before the effective date of such authorization on an Agency-approved form. The commissioner may allow a later filing for good cause shown.

(6) The Agency will maintain the written authorization as an Agency record.

(7) This rule provides an exception to OAR 863-014-0095(7), which prohibits a principal broker from engaging in professional real estate activities under more than one registered business name. That is, a supervising principal broker may conduct professional real estate activity under both the authorizing principal broker’s registered business name and the supervising principal broker’s registered business name if the parties meet the requirements contained in this rule. This exception does not allow a principal broker to conduct professional real estate activity under more than these two registered business names.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.026
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 3-2004, f. 4-28-04 cert. ef. 5-3-04; Renumbered from 863-015-0085, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0090

Authorization to Temporarily Supervise

(1) As used in ORS 696.022 and this rule, the following definitions apply:

(a) “Sole principal real estate broker” means a principal real estate broker who conducts professional real estate activity not in conjunction with other principal real estate brokers; and

(b) “Supervise” means to conduct the sole principal real estate broker’s professional real estate activity, including supervising the professional real estate activity of any real estate brokers and property managers associated with the sole principal real estate broker. It does not include conducting professional real estate activity in conjunction with any other principal real estate broker.

(2) A real estate broker who is associated with a sole principal real estate broker may temporarily supervise the sole principal broker’s professional real estate activity only if:

(a) The sole principal broker provides written authorization as required by this rule; and

(b) The real estate broker accepts the supervisory responsibility in writing.

(3) The written authorization must contain the following information:

(a) Authorization by the sole principal real estate broker, including the effective date and termination date of such authorization, which may not exceed 90 days;

(b) An affirmation by the real estate broker acknowledging that the real estate broker:

(A) Has acquired at least three years of active experience as a real estate broker;

(B) Accepts the supervisory responsibility;

(C) Is bound by and subject to all the statutory and rule requirements of a principal real estate broker during the period of authorization.

(c) An affirmation by both the sole principal real estate broker and the real estate broker acknowledging that they are jointly responsible for the real estate broker’s supervision of the professional real estate activity during the dates of the authorization.

(4) The sole principal real estate broker may end the authorization before the termination date by filing an amended authorization before the termination date.

(5) The written authorization required by this rule must be received by the Agency before the effective date of such authorization on an Agency-approved form. The commissioner may allow a later filing for good cause shown.

(6) The Agency will maintain the written authorization as an Agency record.

Stat. Auth.: ORS 696.385 & 183.335
Stats. Implemented: 2009 OL Ch. 324, Sec. 2
Hist.: REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0095

Business Name Registration

(1) If a principal real estate broker wishes to conduct real estate business in a name other than the licensee’s legal name, the principal broker must first register the business name with the Agency. For the purposes of this rule, "business name" means an assumed name or the name of a business entity, such as a corporation, partnership, limited liability company, or other business entity recognized by law. A licensee must maintain the registered business name in active status with the Oregon Secretary of State’s Corporation Division.

(2) To register a business name, the principal broker must submit to the Agency on an Agency-approved form the following:

(a) The business name in which the licensee wishes to conduct real estate business,

(b) Written authority to register the business name;

(c) A copy of the registration filed with the Oregon Secretary of State Business Registry; and

(d) The fee authorized by ORS 696.270.

(3) A licensee who wishes to use a registered business name must submit to the Agency the following:

(a) The registered business name the licensee wishes to use; and

(b) Written authorization from the licensee who registered the business name.

(4) Business names registered with the Agency do not expire and need not be renewed by the licensee. Any change in the business name registered with the Agency will be treated as the registration of a new business name, and the change in business name must be registered with the Agency together with the fee authorized by ORS 696.270.

(5) If a licensee wishes to transfer the right to use a business name that is registered with the Agency, the licensee acquiring the right to use the name must file a change of business name registration with the Agency together with the fee authorized by ORS 696.270. A licensee must notify the Agency in writing if the licensee terminates its use of a business name.

(6) A business name registration becomes void when the Agency receives notice of termination of the use of a business name. A business name registration becomes void when no licensees are affiliated with the registered business name. A business name registration may be reactivated within one year from the voiding of a registration, unless a new user has registered the business name, without paying the fee authorized by ORS 696.270.

(7) Except as provided in OAR 863-014-0085 and this section, no real estate broker or principal broker may engage in professional real estate activities under more than one registered business name. A principal broker may engage in professional real estate activities under more than one registered business name if the business entity is an affiliated or subsidiary organization as described in OAR 863-014-0061.

Stat. Auth.: ORS 696.026 & 696.385
Stats. Implemented: ORS 696.026
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; Renumbered from 863-015-0095, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0100

Branch Office Registration

(1) Before engaging in professional real estate activity from a branch office, a principal real estate broker must provide to the commissioner on an Agency-approved form the branch office street and mailing addresses and the fee authorized by ORS 696.270.

(2) For the purposes of ORS 696.270, a branch office registration does not require renewal.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.026 & 696.200
Hist.: REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; Renumbered from 863-015-0100, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

863-014-0160

Deceased or Incapacitated Broker

(1) If the Agency issues a temporary license under ORS 696.205, the licensee may only close or terminate the transactions that are in various stages of completion or termination at the broker’s death or incapacity. The activities authorized under the temporary license include, but are not limited to:

(a) Terminating all listings and buyer's service agreements in which there were no outstanding offers or earnest money receipts when the broker died or became incapacitated;

(b) Completing all negotiations between buyers and sellers on open transactions;

(c) Depositing and withdrawing monies from the clients' trust account in connection with the completion of all transactions pending when the broker died or became incapacitated;

(d) Promptly paying all real estate commissions owing after closing all transactions, both to the decedent broker's estate and to participating real estate brokers entitled to commissions resulting from the transactions; and

(e) Disbursing earnest moneys or other funds according to any outstanding earnest money receipt or other agreement.

(2) The holder of a temporary license may not enter into any new listing or sale agreements or conduct professional real estate activity for others who are not principals in a current contract with the deceased or incapacitated broker.

(3) The holder of a temporary license is subject to ORS Chapter 696 and its implementing rules while engaging in professional real estate activity under the terms of the temporary license.

Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.205
Hist.: REC 46, f. & ef. 1-22-76; REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0092; Renumbered from 863-015-0160, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10


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